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Tag: Wayfair

  • Trump teases tariffs on imported furniture

    Trump teases tariffs on imported furniture

    President Donald Trump has announced an investigation into tariffs on foreign-made furniture, which could affect prices and manufacturing in the U.S.

    Updated: 4:31 AM PDT Aug 23, 2025

    Editorial Standards ⓘ

    President Donald Trump said on Friday that new tariffs on foreign-made furniture are coming later this year following an investigation.”Within the next 50 days, that Investigation will be completed, and Furniture coming from other Countries into the United States will be Tariffed at a Rate yet to be determined,” the president wrote on Truth Social. “This will bring the Furniture Business back to North Carolina, South Carolina, Michigan, and States all across the Union.”A White House official clarified that the president is referencing a previously announced investigation that “will assess the national security risks arising from the United States’ increasing dependence on imported timber, lumber, and derivative products like paper, furniture, and cabinetry.”Nevertheless, the president’s comments on Friday sank some furniture stocks, from Wayfair to Williams-Sonoma. An industry coalition, called “Furniture for America,” expressed concerns about steeper tariffs earlier this year in written comments to the Commerce Department.”There is no rational relationship between imports of wood products or furniture and the national security of the United States,” the coalition wrote. “Second, no amount of tariffs will bring back American furniture manufacturing back to its prior levels. Tariffs will harm manufacturing still being done in the United States.” The White House said new tariffs on this sector would not stack on top of so-called “reciprocal” tariffs that are already targeting a wide range of countries, including major furniture suppliers like China and Vietnam. Federal data suggests those tariffs may be starting to show up in some furniture prices for consumers. The latest Consumer Price Index shows that, while overall inflation held steady between June and July 2025, furniture and bedding prices increased by 0.9 percent month-to-month. Some experts have identified this as an early warning sign, while conceding that the impact of tariffs on prices has generally been less severe than anticipated, perhaps because many businesses are absorbing added costs instead of passing them on to consumers. It remains to be seen how Trump’s latest batch of tariffs on most trading partners that took effect earlier this month will impact these trends.

    WASHINGTON —

    President Donald Trump said on Friday that new tariffs on foreign-made furniture are coming later this year following an investigation.

    “Within the next 50 days, that Investigation will be completed, and Furniture coming from other Countries into the United States will be Tariffed at a Rate yet to be determined,” the president wrote on Truth Social. “This will bring the Furniture Business back to North Carolina, South Carolina, Michigan, and States all across the Union.”

    A White House official clarified that the president is referencing a previously announced investigation that “will assess the national security risks arising from the United States’ increasing dependence on imported timber, lumber, and derivative products like paper, furniture, and cabinetry.”

    Nevertheless, the president’s comments on Friday sank some furniture stocks, from Wayfair to Williams-Sonoma.

    An industry coalition, called “Furniture for America,” expressed concerns about steeper tariffs earlier this year in written comments to the Commerce Department.

    “There is no rational relationship between imports of wood products or furniture and the national security of the United States,” the coalition wrote. “Second, no amount of tariffs will bring back American furniture manufacturing back to its prior levels. Tariffs will harm manufacturing still being done in the United States.”

    The White House said new tariffs on this sector would not stack on top of so-called “reciprocal” tariffs that are already targeting a wide range of countries, including major furniture suppliers like China and Vietnam.

    Federal data suggests those tariffs may be starting to show up in some furniture prices for consumers.

    The latest Consumer Price Index shows that, while overall inflation held steady between June and July 2025, furniture and bedding prices increased by 0.9 percent month-to-month. Some experts have identified this as an early warning sign, while conceding that the impact of tariffs on prices has generally been less severe than anticipated, perhaps because many businesses are absorbing added costs instead of passing them on to consumers.

    It remains to be seen how Trump’s latest batch of tariffs on most trading partners that took effect earlier this month will impact these trends.

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  • Trump teases tariffs on imported furniture

    Trump teases tariffs on imported furniture

    President Donald Trump has announced an investigation into tariffs on foreign-made furniture, which could affect prices and manufacturing in the U.S.

    Updated: 7:31 AM EDT Aug 23, 2025

    Editorial Standards ⓘ

    President Donald Trump said on Friday that new tariffs on foreign-made furniture are coming later this year following an investigation.”Within the next 50 days, that Investigation will be completed, and Furniture coming from other Countries into the United States will be Tariffed at a Rate yet to be determined,” the president wrote on Truth Social. “This will bring the Furniture Business back to North Carolina, South Carolina, Michigan, and States all across the Union.”A White House official clarified that the president is referencing a previously announced investigation that “will assess the national security risks arising from the United States’ increasing dependence on imported timber, lumber, and derivative products like paper, furniture, and cabinetry.”Nevertheless, the president’s comments on Friday sank some furniture stocks, from Wayfair to Williams-Sonoma. An industry coalition, called “Furniture for America,” expressed concerns about steeper tariffs earlier this year in written comments to the Commerce Department.”There is no rational relationship between imports of wood products or furniture and the national security of the United States,” the coalition wrote. “Second, no amount of tariffs will bring back American furniture manufacturing back to its prior levels. Tariffs will harm manufacturing still being done in the United States.” The White House said new tariffs on this sector would not stack on top of so-called “reciprocal” tariffs that are already targeting a wide range of countries, including major furniture suppliers like China and Vietnam. Federal data suggests those tariffs may be starting to show up in some furniture prices for consumers. The latest Consumer Price Index shows that, while overall inflation held steady between June and July 2025, furniture and bedding prices increased by 0.9 percent month-to-month. Some experts have identified this as an early warning sign, while conceding that the impact of tariffs on prices has generally been less severe than anticipated, perhaps because many businesses are absorbing added costs instead of passing them on to consumers. It remains to be seen how Trump’s latest batch of tariffs on most trading partners that took effect earlier this month will impact these trends.

    WASHINGTON —

    President Donald Trump said on Friday that new tariffs on foreign-made furniture are coming later this year following an investigation.

    “Within the next 50 days, that Investigation will be completed, and Furniture coming from other Countries into the United States will be Tariffed at a Rate yet to be determined,” the president wrote on Truth Social. “This will bring the Furniture Business back to North Carolina, South Carolina, Michigan, and States all across the Union.”

    A White House official clarified that the president is referencing a previously announced investigation that “will assess the national security risks arising from the United States’ increasing dependence on imported timber, lumber, and derivative products like paper, furniture, and cabinetry.”

    Nevertheless, the president’s comments on Friday sank some furniture stocks, from Wayfair to Williams-Sonoma.

    An industry coalition, called “Furniture for America,” expressed concerns about steeper tariffs earlier this year in written comments to the Commerce Department.

    “There is no rational relationship between imports of wood products or furniture and the national security of the United States,” the coalition wrote. “Second, no amount of tariffs will bring back American furniture manufacturing back to its prior levels. Tariffs will harm manufacturing still being done in the United States.”

    The White House said new tariffs on this sector would not stack on top of so-called “reciprocal” tariffs that are already targeting a wide range of countries, including major furniture suppliers like China and Vietnam.

    Federal data suggests those tariffs may be starting to show up in some furniture prices for consumers.

    The latest Consumer Price Index shows that, while overall inflation held steady between June and July 2025, furniture and bedding prices increased by 0.9 percent month-to-month. Some experts have identified this as an early warning sign, while conceding that the impact of tariffs on prices has generally been less severe than anticipated, perhaps because many businesses are absorbing added costs instead of passing them on to consumers.

    It remains to be seen how Trump’s latest batch of tariffs on most trading partners that took effect earlier this month will impact these trends.

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  • Wayfair CFO says sellers on the company’s $12 billion marketplace are trying to ‘insulate’ customers from tariffs

    The home goods category has seen its share of twists and turns over the past five years: a pandemic-era boom and then a slump when consumers pivoted toward travel and experiences rather than physical items. Now, it’s facing headwinds in the form of tariffs and an uncertain economy, and generative AI could be changing how people shop.

    Kate Gulliver, CFO and chief administrative officer at Wayfair, spoke with CFO Brew about her career, and about her company’s plan to roll with the punches.

    From startup to category leader: In some ways, Gulliver has grown along with Wayfair. After working in private equity, she joined the company as head of investor relations in 2014, and helped to run its IPO. At that time, it had about $1 billion in sales and 2,000 employees, Gulliver said. She describes it as “a super high-growth but relatively immature company from a systems and process perspective.” Today, Wayfair employs around 12,000 people and brought in $12 billion in revenue from June 2024 through June 2025.

    From investor relations, Gulliver became global head of talent, and was named CFO and CAO in 2022. Her career at Wayfair has evolved in an organic fashion.

    “I largely let my career be guided by the opportunity most immediately in front of me,” she said. “I’ve never tried to guide toward ‘10 years from now, here’s where that role is getting me.’ It’s been more ‘Is this the next right move?’”

    As a combined CFO and chief administrative officer, Gulliver has plenty on her plate: HR, finance, real estate, legal and compliance, corporate affairs, and communications all report to her. She enjoys the breadth of the dual role, which she says gives her insight into the “backbone” of the company. “Intellectually,” the many departments she oversees “can feel quite different day to day, which is fun,” she said.

    A turbulent five years for retail: As a seller of discretionary goods, Wayfair has been on a rocky ride over the past five years. It was able to capitalize on the home goods boom of the pandemic, when shoppers stuck in lockdown were buying items for their spaces. But as restrictions lifted and consumers pivoted toward spending on experiences, it saw net losses for three consecutive years. Wayfair had to restructure and underwent several rounds of layoffs, cutting around 13% of its workforce, or 1,650 jobs, in 2024.

    Now, though, the category is “starting to stabilize,” Gulliver said. Wayfair had a bumper second quarter this year, with revenues rising 5% year over year.

    “We’re feeling good about the momentum currently,” she said.

    Wayfair isn’t seeing consumer softness yet due to tariffs and economic uncertainty, Gulliver said, though it’s seeing more strength in its high-end lines, such as Perigold, AllModern, and Joss & Main, than in its “core mass” lines. (“There’s no question the higher-end market is stronger than mass,” CEO Niraj Shah said during a recent earnings call.) The company is keeping its eye on the macroeconomic picture, though. It’s doing a lot of forecasting, incorporating both its internal data and third-party inputs such as credit card data and housing market trends, Gulliver said.

    So far tariffs haven’t had that much of an impact, Gulliver said. That’s partly because Wayfair is a marketplace. Sellers post many unbranded items that look similar to one another, so they’re largely competing on price, she said. Lower prices also allow for better placement on Wayfair’s search results, boosting sales. Sellers, Gulliver said, are finding ways to absorb or offset tariffs at different points along the supply chain, which is “helping to insulate consumers” from higher prices. “Consumers are still seeing like-for-like pricing,” she said.

    AI, how about midcentury modern? Wayfair is also anticipating changes generative AI might make to shopping habits. It’s partnering with some major AI providers on developing agentic shopping tools, Gulliver said. And it’s added GenAI features to its website and app that show customers how furniture might look in different spaces within a home, alongside recommendations for similar Wayfair products. “It’s a fun way to capitalize on how consumers might be changing how they shop,” Gulliver said.

    At the same time, the retailer’s made a surprisingly analog move: opening brick-and-mortar stores. Its Chicago store has resulted in a “halo” effect, boosting sales and brand recognition in the Chicago area, Shah said on an earnings call. Three more physical stores are planned in the coming years.

    As a Wayfair shopper and home design fan herself (“That is the thing I read about in my spare time”), Gulliver understands what consumers are looking for. But even her broad remit, she acknowledges, only goes so far. “I’m always going to the brand team or the merchant team” and asking, ‘Have we thought about getting this product?’,” she said. “And they’re like, ‘Kate, stay in your lane.’”

    This report was originally published by CFO Brew.

    Introducing the 2025 Fortune Global 500, the definitive ranking of the biggest companies in the world. Explore this year’s list.

    Courtney Vien, CFO Brew

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  • Colsen recalls nearly 90,000 tabletop fire pits after reports of serious burn injuries

    Colsen recalls nearly 90,000 tabletop fire pits after reports of serious burn injuries

    NEW YORK (AP) — Nearly 90,000 tabletop fire pits are being recalled after flames shooting out from them resulted in a handful of serious burn injuries.

    The Colsen-branded fire pits, which are designed to hold fires by burning liquid alcohol, pose a “flame jetting” hazard, according to a recall notice published Thursday by the U.S. Consumer Product Safety Commission. The flame jetting can occur when a user is refilling the container, if fire flashes back and propels the burning alcohol.

    Alcohol flames can be invisible, and the liquid may also spill or leak out of the pit during use, causing a flash fire. The recall notice warns that this can lead to injury quickly and unexpectedly, potential causing burns “in less than one second that can be serious and deadly.”

    To date, the CPSC says it has received 31 reports of flame jetting or flames escaping from the fire pits, resulting in 19 burn injuries. Two of those were third-degree burns on more than 40% of the victims’ bodies, the commission said, and at least six incidents involved surgery, prolonged medical treatment, loss of function or permanent disfigurement.

    The CPSC and Miami-based Colsen urge consumers to stop using the fire pits immediately and throw them away. The commission noted that it’s against the law to resell or donate the now-recalled products.

    But there’s also no refunds available. According to the recall notice, the company “does not have the financial resources to offer a remedy to consumers” and stopped selling the pits a year after acquiring the product business.

    The about 89,500 fire pits under recall were sold at major retailers like Amazon.com, Wayfair, Walmart and Sharper Image — as well as on social media platforms like TikTok and Meta-owned apps, from January 2020 through July 2024. That includes fire pits that were previously manufactured by another company, Thursday’s recall announcement notes, although the notice did not identify that company.

    The seven models of the recalled fire pits varied in size, shape and color. Sale prices ranged from $40 to $90.

    In a statement on its website, Colsen said it was launching this recall with the CPSC because “we take safety very seriously.”

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  • Home and backyard must-haves up to 50% off from Wayfair’s anniversary sale

    Home and backyard must-haves up to 50% off from Wayfair’s anniversary sale

    As a participant in multiple affiliate marketing programs, Localish will earn a commission for certain purchases. See full disclaimer below*

    Wayfair’s massive anniversary has returned. If you are looking to spruce up your home or backyard, now is the perfect time. In celebration of Wayfair’s anniversary sale, you can save some big bucks on all your home and outdoor furniture. Right now bedroom furniture is up to 50% off, living furniture is up to 55% off, kitchen and dining furniture is up to 45% and outdoor furniture is up to 55% off. We’ve listed our favorite picks from the sale below. Whether you’re a minimalist or love some colorful decor we have something for everybody in this list.

    P.S. check back often, as we’ll be updating with flash sale options daily.

    Bedroom

    Nora14” Plush Cooling Gel Memory Foam Mattress with Cooling Cover

    All Season Goose Down Comforter

    Double-Sided Cooling Comforter for Night Sweats Hot Sleepers

    Cooling Down Alternative Gel Fiber Pillows (Set of 2)

    Milianna Nightstand with 4 Drawers & Outlet, LED Lights

    Bathroom

    Lundberg Memory Foam Bath Rug (Set of 2)

    Striped Single Shower Curtain

    Adhesive Shower Caddy (Set of 4)

    Hovey 4 Piece Bathroom Accessory Set

    Livingroom

    Perdue Velvet Square Arm Convertible Sofa

    Eoghan Lift Top Coffee Table with 2 Drawers

    Sonam Velvet Round Storage Ottoman

    Pamplona Modern Upholstered Barrel Chair and Ottoman

    Kitchen & Dining Room

    Hambrook Bar & Counter Stool (Set of 4)

    Outdoor

    Meredydd Outdoor Deep Seating Cushion Set

    Hayler Wood Burning Outdoor Fire Pit Table with Lid

    Elgin Outdoor Patio Dining Set

    * By clicking on the featured links, visitors will leave Localish.com and be directed to third-party e-commerce sites that operate under different terms and privacy policies. Although we are sharing our personal opinions of these products with you, Localish is not endorsing these products. It has not performed product safety testing on any of these products, did not manufacture them, and is not selling, or distributing them and is not making any representations about the safety or caliber of these products. Prices and availability are subject to change from the date of publication.

    Copyright © 2024 KGO-TV. All Rights Reserved.

    KGO

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  • Wayfair set to open its first physical store. Here’s where.

    Wayfair set to open its first physical store. Here’s where.

    Wayfair is laying off more than 1,600 workers


    Wayfair is laying off more than 1,600 workers

    00:24

    Wayfair is opening its first physical store next month in suburban Chicago, the Boston-based online furniture and home furnishings seller announced on Thursday. 

    The 150,000-square foot large-format store is located in Edens Plaza in Wilmette, Illinois, and will open its doors on May 23. Reminiscent of Ikea’s store format, Wayfair’s location will include a restaurant called “The Porch,” the company said.

    Wayfair has opened test stores for some of its other brands, including Joss & Main and AllModern. 

    Founded in 2002, the company generated $12 billion in sales in 2023. The retailer in January laid off 1,650 workers, or 13% of its global workforce. That came after the company reduced its headcount by 1,750 in 2023. It employs more than 13,000 people in North America and Europe.

    Wayfari has struggled with a dwindling customer based as the pandemic wound down and people returned to the office and began spending less time at home. 

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  • Ripping The Headlines Today – Paul Lander, Humor Times

    Ripping The Headlines Today – Paul Lander, Humor Times

    Making fun of the headlines today, so you don’t have to

    The news, even that about another Bills playoff loss, doesn’t need to be complicated or confusing; that’s what any new release from Microsoft is for. And, as in the case with anything from Microsoft, to keep the news from worrying our pretty little heads over, remember something new and equally indecipherable will come out soon: 

    Really all you need to do is follow one simple rule: barely pay attention and jump to conclusions. So, here are some headlines today and my first thoughts:

    playoff loss
    The Bills suffer yet another playoff loss to the Chiefs.

    Bills fans pelt Patrick Mahomes with snowballs after another playoff loss to Chiefs

    Luckily for Mahomes, most missed him ‘wide right.’

    Trump: ‘We’re going to build an iron dome over our country’

    Adding: ‘And make Mars pay for it!’

    Supposedly magic jeans promise to reduce cellulite

    I’m guessing they’re confusing it with magic genes.

    Andrew Yang endorsed Dean Phillips over Biden

    So, someone we forgot about is for someone we never heard of!

    Melbourne crime boss accidentally shot himself in the testicle

    … Ironically, showing his patriotism by shooting himself ‘down under.’

    Gen Zers who want the buzz but not the hangover are fueling a nonalcoholic spirits boom

    Although it’s making them so boring, look for them to be called Gen Zzzzzzzz.

    Ron DeSantis officially suspended his campaign for President. All that leaves are two Republican candidates

    One wears too much makeup, dyes their hair, lies about their weight, and the other is Nikki Haley.

    Florida man sues Dunkin’ for $50,000 in damages after claiming ‘exploding toilet’

    … In fairness, probably just the toilet getting even.

    Happy 53rd birthday, Kid Rock

    At that age, you might want to change your name to ‘Middle Aged Elevator Music.’

    D.C sees biggest snowfall in two years as 3 to 5 inches frost region

    The last time the outside of the Capitol was that white was during the January 6 insurrection!

    Farmer claims he was offered lap dance if he agreed to wind turbine on his land

    You’d think a b%$w job would be more appropriate.

    US finds Bayer’s genetically modified corn can be safely grown — but there’s a big catch

    It’ll give you quite a headache.

    Bill Belichick, Patriots ‘part ways’ after 24 seasons, 6 Super Bowl titles

    Man, that took a pair of deflated balls from owner Bob Kraft.

    Bill O’Reilly is furious as his own titles get removed after supporting Florida book bans

    Who?

    Paul LanderPaul Lander
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  • Read Wayfair CEO Niraj Shah's Email to Staff About Layoffs | Entrepreneur

    Read Wayfair CEO Niraj Shah's Email to Staff About Layoffs | Entrepreneur

    This article originally appeared on Business Insider.

    Wayfair said on Friday that it was cutting 13% of its global workforce or about 1,650 workers.

    This came only weeks after CEO Niraj Shah sent a companywide email saying Wayfair was “back to winning” but also warning that staff should be careful with its money.

    In an email that announced the layoffs to staff on Friday morning, Shah said the action was needed for the company to have a “clean organizational model,” which he said would aid it over the long term.

    “I truly regret the impact this will have on you,” Shah told staff.

    North American staff would receive an email shortly letting them know whether their roles had been affected, while laid-off staff in Europe had already begun discussions with human resources about the next steps, Shah said.

    He added that affected workers were being given severance pay, though details of this weren’t included in the companywide email.

    Read the full email Shah sent to Wayfair staff below.

    Fellow Wayfairians,

    Today, I wanted to give you an update on Wayfair, where we sit, and the difficult steps we’re taking this morning to make us stronger. First, I want to be clear that there are many things at the company that are going well. We are consistently profitable; we have made meaningful progress to operate more efficiently and effectively; our suppliers see us winning; and most importantly our customers are leaning in and picking us over their other options, which means we’re gaining market share at a fast pace.

    All very good news but as leaders our job is to position the company both now and over the long term. Although we’ve taken important steps to get ourselves optimized to win and fit for the future, the reality is they have not gotten us to where we need to be, which is to have a clean organizational model that provides a healthy foundation to grow from. That’s why I pushed forward with an org design effort driven by some core organizational principles. As a result of this effort, I have made the difficult decision to further reduce our headcount today.

    In North America, all employees will receive an email shortly on whether or not your role is impacted. If it is, you’ll also receive details on next steps, including opportunities to connect live with your Talent partners. Teams in Europe have already begun these conversations.

    I want to say thank you to the 1,650 team members who will be leaving us today. You are all valued and talented individuals, and you have each made incredible contributions to Wayfair and our customers. We know you will land in great roles given your strong skills and expansive experience, but this is still sad for everyone. You have so much to be proud of, and I truly regret the impact this will have on you.

    Please know that we are offering severance to those who are impacted, and we will support them throughout this transition. We will also be providing access to employee assistance program resources and Wayfair Alumni networking support, as well as other benefits and resources.

    The natural question is to ask ‘Why?’ I think the reality is that we went overboard in hiring during a strong economic period and veered away from our core principles, and while we have come quite far back to them, we are not quite there. The best way to make sure everyone in the company can thrive and that we can do the most for our customers is to make sure that we make the right decision in terms of what our go-forward organization should look like. While our focus today is on our people, I want to spend some time explaining how we got here and the thinking we used to make these decisions.

    Looking back

    From 2002 – 2011 we did not have much money. That sometimes seemed limiting as our primary direct competitors in the US and UK spent significant amounts of money raised from top tier investors. But by being lean and focused we were forced to prioritize relentlessly. By 2014 we were publicly traded in the US, and a new tech boom was just starting.

    By 2016 we were growing fast and the allure of spending more to build infrastructure for growth became appealing. We (along with most tech companies) took advantage of easy access to money. One of the things I am proud that we did during this time was build our industry-leading logistics infrastructure. This was expensive, but it has given us a durable moat. From 2017-2019 we opened up hiring significantly, going after many things that looked like good opportunities. As a result, by late 2019, we were suffering from lack of focus. Too many good ideas led to too few getting done. We made the decision to fix this and reduced our team in Feb 2020 with the intent of getting back to our roots.

    Then, Covid hit us square on. Covid caused a dramatic surge in our business, and suddenly the newly leaned down team felt like a disadvantage. With annualized sales going from $9 billion to $18 billion almost overnight our desire to grow our team was rekindled.

    By mid 2022 it was clear we were in a bust period. It was also clear that we had gone overboard with corporate hiring during Covid. As everyone here knows, we’ve had two significant corporate restructurings since 2022 to try to right-size this. Each time we used our best judgment, identified the cost target we needed to hit, and believed we were resizing to the right point. These changes were difficult emotionally and have felt challenging for the business. What we found, however, was that after each reduction we have gotten more of our goals done faster.

    I believe we need to stay focused as a company on what committed small teams can accomplish. In many ways, having too many great people is worse than having too few. With too few, you get a lot done quickly, but you may not get everything done that you want. But having too many causes inefficiency, coordination costs, and investments in lower-return activities. That is what we have been experiencing and what we need to end.

    Returning to core organizational principles

    That is why we are committed to taking a different approach. We decided that we needed to start with a few basic principles of good organizational design, of how to build a high-performance company, one with the ability to get a lot done, and to flex over time – rather than a cost target – and take a bottoms-up approach. What is the right number of people a lean organization should allocate to each of the high-value things we want to do? At what level? We need senior leaders, but importantly we built the company by betting on junior people who are very bright but have less expertise. We need to get back to this. Likewise, we should only do high-value things because doing more past that creates drag that slows us down. This time the goal was to err on carrying a risk of too few over the risk of too many. And so we approached it with a strong bias to firmly put the last five years behind us.

    To do this we used a few basic principles:

    1. question/rightsize the quantum of work effort per activity area — decide what work we want to do and eliminate any work effort that is then deemed secondary or tertiary, after all we can always reexamine as the business evolves

    2. get efficient on levels & spans — what level/seniority is appropriate for what role, what span should each manager have in terms of breadth of activity and number of reports, etc.

    3. eliminate excess upleveling for ‘stakeholder management’ — senior people in one area with too much time then cause the next area to need senior people to meet with them, and this is circular

    4. Rightsize the ratio of engineering partner function teams to engineers — since any excess of partner roles (business, product, design, research, analytics) will not create better technology outcomes and rather will do the opposite

    By starting with these principles, as opposed to a cost target, we will get back to focused, fit and lean. And we will do this while remaining committed to our growth drivers, leaning into the handful of key things that truly matter for each. While the investment community will focus on the cost savings numbers today, the key thing for us to focus on is that a company cannot win over time unless it gets more done per dollar spent than its competitors. These steps position us to keep winning. And winning is what ultimately creates the most opportunity for everyone at Wayfair, and everyone who believes in Wayfair.

    To our team, I can only say thank you. We are learning as fast as we can, and we are working hard to make the right decision at each juncture, even when they are hard decisions.

    We are gaining forward momentum due to everyone’s dedicated efforts. Our toughest stretch is now behind us. And I think our best year is right in front of us. We will get together next week as a team to talk more about these changes and the road ahead.

    Thanks for your investment in Wayfair, and thank you to all of my past, current and future colleagues for joining in the journey.

    — Niraj

    Grace Dean

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  • Wayfair cuts 13% of employees after CEO says it

    Wayfair cuts 13% of employees after CEO says it

    Wayfair is laying off more than 1,600 workers


    Wayfair is laying off more than 1,600 workers

    00:24

    Wayfair said Friday it is laying off 13% of its workforce, the online furniture seller’s third round layoffs over the last 18 months as it seeks to cut costs and boost its financial results.

    In a letter to employees, Wayfair CEO Niraj Shah said the company plans to eliminate 1,650 jobs, noting that it expanded too quickly in the two years before the COVID-19 pandemic.

    “I think the reality is that we went overboard in hiring during a strong economic period and veered away from our core principles, and while we have come quite far back to them, we are not quite there,” he said.

    The restructuring is expected to save the Boston-based retailer roughly $280 million, according to a news release. Wayfair’s stock price jumped 15% in pre-market trading. 

    Wayfair has struggled with dwindling customer demand in the past few years as the pandemic wound down and people began returning to the office and spending less time at home.

    In its most recent quarter Wayfair reported a net loss of $163 million, an improvement from its loss of $283 million in the year ago period. For the first nine months of 2023, the company recorded a loss of $564 million.

    The layoffs come roughly a month after Shah exhorted employees to work harder. “Working long hours, being responsive, blending work and life, is not anything to shy away from,” he wrote in December. “There is not a lot of history of laziness being rewarded with success.”

    Retailers cut nearly 56,000 job cuts from January to August 2023, a 524% increase from the same period a year prior, trade publication Retail Dive reported. 

    Elizabeth Napolitano


    elizabeth-napolitano-cbsmoneywatch-cropped.jpg

    Elizabeth Napolitano is a freelance reporter at CBS MoneyWatch, where she covers business and technology news. She also writes for CoinDesk. Before joining CBS, she interned at NBC News’ BizTech Unit and worked on The Associated Press’ web scraping team.

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  • How Land O’Lakes convinced its farmers to embrace A.I.

    How Land O’Lakes convinced its farmers to embrace A.I.

    Beyond the technical challenges of incorporating artificial intelligence into their internal systems, companies face another quandary: how to get employees to buy into the changes that A.I. can bring.

    At Fortune‘s Brainstorm A.I. conference in San Francisco on Monday, Teddy Bekele, CTO of agricultural cooperative Land O’Lakes, and Fiona Tan, CTO of online furniture retailer Wayfair LLC, compared and contrasted how workers at their companies have embraced—or raised an eyebrow at—efforts to introduce A.I. into the supply chain.

    Land O’Lakes is using A.I. to approximate the supply and demand of different products at different times of year. The technology has become a tool used directly by the company’s farmers. Farmers see it as assisting their decisions, not replacing their expertise, Bekele says. Yet getting the farmers fully on-board takes some convincing, he says, since planting and harvesting are high-stakes decisions. “Farmers will always try things, they’re entrepreneurs at heart,” Bekele explained. “However, to fully adopt it in their operation, they want to make sure the solution really works.” 

    Some A.I. models can seem counterintuitive to farmers at first. Bekele brought up the example of using A.I. models to determine the best locations to plant crops based on climate, topography, and soil. At times, the A.I. suggestion differs from where farmers have planted crops in the past. “On paper, [the A.I. model] doesn’t sound right,” Bekele says. But with some explanation, farmers come around to the idea.

    A.I. can also serve as a sort of second opinion for farmers. They input their own data into the A.I. tools and use the system to confirm their own instincts.

    Wayfair is a digitally-native company so its employees are fairly open to adopting new tech, yet Tan says that a tech-savvy workforce can become frustrated that A.I. doesn’t move faster. “Sometimes there’s impatience for the models to work immediately,” Tan said. “It’s not like it’s deployed today and it’s all going to work magically,” she said. 

    When Wayfair adds A.I. to internal processes, it starts with low-stakes tasks to mitigate the risk of errors and ensures humans are still checking the technology’s work, Tan says. “For example, in marketing, the worst that can happen is you pay too much for a bid, so that’s something we can tolerate,” she said. “Yet other areas, like when looking at images or text for the product to ascertain the quality of the furniture, we’ll have models give a suggestion or recommendation, and humans can go back and make sure it looks good,” she said. 

    Our new weekly Impact Report newsletter will examine how ESG news and trends are shaping the roles and responsibilities of today’s executives—and how they can best navigate those challenges. Subscribe here.

    Lucy Brewster

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  • Ikea Raised Some Of Its Prices By 80 Percent: Here’s Where To Shop For Affordable Furniture Instead

    Ikea Raised Some Of Its Prices By 80 Percent: Here’s Where To Shop For Affordable Furniture Instead

    Ikea is the iconic Swedish furniture brand known for its low prices, flat-pack shipping, and tiny screwdrivers. Millions of people have braved the maze-like big box store searching to furnish their first apartment or simply to find affordable Scandinavian home furnishings. But the Ikea bubble may have burst because the brand’s rock bottom prices have risen to a new high. According to a recent report from Retail Week, the retailer raised prices on some products up to a whopping 80 percent. While not every price increase was so shocking, prices went up at least 22 percent across five of Ikea’s main categories including sofas, beds, dining furniture, drawers [dressers], and mattresses.

    It’s worth noting that this research was conducted in the UK and price increases on specific items may or may not apply to the United States market. However, an Ikea spokesperson confirms to Forbes that prices increased nationally in 2022. “Affordability continues to be a key cornerstone for us at Ikea, and our intention remains to keep our prices as low as we possibly can. It’s more important than ever before, as many people face rising living costs and increased inflation. We are not immune to the economic challenges facing businesses, retailers, and many people. To ensure our longevity as a business and employer, we have adjusted our prices to help address increased costs. While we have raised prices on some products, we have also taken steps to make our total offering more affordable for customers every day. Our offer will continue to remain affordable for our customers— reducing prices when and where we can.”

    So, if Ikea is no longer in your budget, or you’re looking for affordable yet stylish furniture, here are seven places to consider shopping instead.

    The Novogratz

    Founded by renowned interior design duo Courtney and Robert Novogratz, The Novogratz is a hidden gem full of stylish statement pieces at excellent prices. For those who don’t want to compromise on style or price, there is no better place to shop for furniture and accessories. The brand offers large pieces starting at $399 for a loveseat and $149 for a coffee table. There are items across most categories including home office, outdoor furniture, wallpaper, kid’s furniture, and even lighting. With many smaller pieces, it’s also an excellent place for apartment-dwellers to shop.

    In 2022, the brand launched a collaboration with Paris Hilton called PH By The Novogratz. The line features several fun pieces including a pink velvet bed and futon that’s very reflective of Hilton’s aesthetic but definitely not her bank account.

    Tov

    Tov is a smaller female-founded brand with lots of fun, fabulous pieces priced within reach. While the brand has a generous range of furniture across a variety of categories, it’s still far more curated than most online retailers.

    Madison Beer and Dixie D’Amelio are fans of Tov’s glamorous yet chic aesthetic which is essentially the complete opposite of Ikea. From lip-shaped sofas to bold tassel table lamps, Tov truly puts the fun back into design. Prices start at under $700 for a sofa and $340 for a desk.

    Wayfair

    To say Wayfair sells everything but the kitchen sink is inaccurate because, in addition to furniture and home decor, they also sell kitchen sinks. The mega brand is known for its frequent sales. So items that may not be within budget this week may very well be affordable in a week or two, making Wayfair potentially a better deal than Ikea.

    A company spokesperson tells Forbes, “Wayfair aims to give customers competitive prices all year round and run promotions both at key holiday moments and throughout the year as consumers prepare for seasonal moments like outdoor entertaining, spring cleaning, back to school, or home renovation projects requiring new large appliances or even custom cabinetry. This year, in particular, we know customers are seeking strong deals ahead of the holidays and we brought back our biggest sale of the year for the holidays for the first time ever.”

    Levity

    Levity is the sister brand to cult-favorite washable rug purveyor Ruggable. Frankly, there isn’t a better place to shop for durable pieces that will stand up to kids and pets. Pricing for chairs starts at $199 and $159 for tables. While the selection is limited (Levity only has living room and dining room furniture for now), every piece is machine-washable and stain-resistant.

    The chairs and ottomans feature interchangeable, spill-proof covers designed to withstand everything from oil to red wine and pet accidents. This also means there’s an option to refresh with new slipcovers instead of replacing entire pieces, making Levity a very cost-effective and eco-friendly option for the long haul. Even the tables are scratch-resistant, heat-resistant, and repel liquids. No coaster? No problem.

    HomeGoods

    HomeGoods is a fun store to shop at that’s filled with great deals. While the brand recently launched an e-commerce site, the heart of HomeGoods will always be the in-store experience. Best of all, the prices are difficult to argue with. Andrew Mastrangelo Assistant Vice President, Global Communications TJX tells Forbes, “At HomeGoods, we deliver incredible value on an ever-changing selection of exciting top brands and home fashions from around the world, at prices generally 20 to 60 percent below full-price retailers’ (including department, specialty, and major online retailers) regular prices, on comparable merchandise, every day.”

    HomeGoods also curates its inventory globally, so while there are plenty of mainstays like Rae Dunn pottery, there are also many treasures waiting to be discovered. Mastrangelo explains, “Our team of expert finders scour the globe throughout the year for the most interesting, fashionable merchandise from top brands, designers, and artisans alike – for every room in the home. Unlike other types of retailers that buy seasonally, we have new home fashions arriving several times a week, with each delivery containing thousands of items.”

    World Market

    With 242 retail locations, World Market is a great alternative to Ikea. While the selection isn’t as large as what Ikea offers, this can be a good thing for those who get overwhelmed by too many choices. Prices are very reasonable with coffee tables starting under $200 and dining tables starting under $300. While World Market doesn’t have a signature aesthetic, there are lots of mid-century inspired, contemporary and eclectic pieces that can easily integrate into many design schemes. The store also sells lots of decor, snacks and items perfect for gifting.

    Overstock

    Overstock sells just about everything at a price that begs customers to click “add to cart.” From bed to bath and even flooring and refrigerators, this site has it all. With frequent sales and coupon codes, it’s certainly worth scouring for large and small pieces. The e-commerce site also has sets typically found at brick-and-mortar discount furniture stores like three and five-piece bedroom sets, patio furniture sets, and even a small space living section great for apartments and condos.

    Home Depot

    While many think of Home Depot as a place to buy home improvement items like wood, appliances, and power tools, the retailer also has furniture at an accessible price. From entryway tables starting at less than $50 and bookcases starting under $70, it’s a good place to consider if budget is key. While most items aren’t offered in-store, they can be returned in-store, making Home Depot a convenient choice for many. The online selection is also astounding with thousands of options in select categories.

    Amanda Lauren, Contributor

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